J. Alfred Greenspan, by Randall W. Forsyth (Barron’s May 10, 2004) (thanks Greg Kaza):
More than ever, this expansion has been bought with borrowed money, contends Trey Reik, manager of Clapboard Hill Partners, a hedge fund in the truest sense in that it has short and long positions.... the liquidity unleashed by the world’s central bank has produced what economists of the Austrian school call a “crack-up boom,” says Reik. People want to buy anything before the price goes up, be it equities or real estate. While the Fed might be thinking about snugging credit, the nation’s banks are easing it.
